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Report: AIG, AIA circle Australian financial company's A$5B asset sale

U.S.-based American International Group Inc. and Hong Kong's AIA Group Ltd. are believed to be considering buying AMP Ltd.'s assets, including its life insurance, wealth management and New Zealand operations, The Australian reported Feb. 26, without citing sources.

AIA and AIG have been reported to be interested in AMP's life insurance operations, but it is believed that their interest now includes all of the A$5 billion of assets that the Australian company is planning to sell.

The two companies are not the only ones interested in AMP's life insurance business. China Life Insurance Co. Ltd. had reportedly shown interest in the life insurance business and has a strong relationship with AMP to bolster its bid.

AMP is also considering an IPO or demerger of its New Zealand business, which is said to be worth about A$1.87 billion.